What is the difference between Cost and Expense?
i-ask! | Have a question? Ask Tutor! What is the difference between cost and expense? Is it justified that we can make cost vs expense comparison? How much is it important to make distinction between...
View ArticleWhat is Responsibility accounting?
i-ask! | Have a question? Ask Tutor! What is responsibility accounting? Is it an accounting technique or costing technique? And what do we achieve through this technique? Also brief me about what it...
View ArticleWhat is Notional cost?
i-ask! | Have a question? Ask Tutor! What is notional cost? Please explain it simply and also tell me that if notional costs are imaginary costs then why do we even need to calculate them? Notional...
View ArticleWhat is the difference between Notional cost and Opportunity cost?
i-ask! | Have a question? Ask Tutor! Are notional and opportunity cost the same? If they are different then what is it? Please explain notional cost vs opportunity cost differences from cost and...
View ArticleWhat is Opportunity cost and why is it a Relevant cost as well?
i-ask! | Have a question? Ask Tutor! First of all make me clear about opportunity cost. Clarification with one example will be good. Also tell me the relation of opportunity costs and relevant costs...
View ArticleCan direct costs be fixed and indirect costs be variable costs?
i-ask! | Have a question? Ask Tutor! Can direct costs be fixed costs and indirect costs be variable costs also? Most of the time direct costs are variable and indirect costs are fixed in nature but...
View ArticleWhat is the difference between Product cost and Period cost?
i-ask! | Have a question? Ask Tutor! What is the difference between Product cost and Period cost. Please also provide examples for period costs and product costs. Product costs or Inventoriable costs...
View ArticleIs ‘Cost of goods sold’ a Product cost or a Period cost?
i-ask! | Have a question? Ask Tutor! How should we classify cost of goods sold? Is it inventoriable cost or period cost? I’m confused about classification of cost of goods sold. Please explain the...
View ArticleIs depreciation expense a fixed cost or a variable cost?
i-ask! | Have a question? Ask Tutor! Is depreciation expense or depreciation cost is fixed cost or variable cost in nature? Can it be semi-variable or step cost? Please explain with relevant examples...
View ArticleWhat is Cost classification and in how many ways can we classify cost?
i-ask! | Have a question? Ask Tutor! What are the different types of cost or classifications of cost? And why we really classify cost in so many ways? Cost classification is a simple process in which...
View ArticleWhat is meant by Cost?
i-ask! | Have a question? Ask Tutor! What is the meaning of cost? How do you define term cost alone without attaching it to any other concept? Cost is the monetary amount of resources or the...
View ArticleWhat is Cost accounting?
i-ask! | Have a question? Ask Tutor! What is cost accounting and why we need such type of accounting? Are other types of accounting not enough for decision making purposes? Cost accounting is a process...
View ArticleWhat is meant by Cost object?
i-ask! | Have a question? Ask Tutor! What is cost object? How this information is used and also give examples of cost object Cost object is anything in relation to which user of cost information wants...
View Article
